Latest Currency News Continued - page 3

Danske Bank forecasts that the Pound to Euro (GBP/EUR) exchange rate will weaken to 1.1240 on a 6-month view. The consensus market view is that there will be limited net losses to 1.1625. In contrast, Credit Agricole expects GBP/EUR will strengthen to 1.19 at the end of 2024. GBP/EUR found support below 1.1650 during the week and posted a significant advance to just below 1.17. Overall risk conditions will be...

The Pound to Dollar (GBP/USD) exchange rate was unable to challenge 1.2650 on Wednesday and retreated to test the 1.2600 level on Thursday. Inflation concerns have been a key focus on both sides of the Atlantic with hawkish Fed rhetoric supporting the dollar. GBP/USD will need to hold 1.2600 to maintain hopes that it can build on April’s positive seasonal trend. The latest ONS data confirmed that UK GDP declined...

The Pound to Euro exchange rate (GBP/EUR) has remained in narrow ranges with the pair finding support just below 1.1650, but struggling to sustain any gains and settling below 1.1660. Interest rate expectations will continue to be an important driver for exchange rates in general and GBP/EUR in particular. Danske Bank still forecasts a GBP/EUR decline to 1.1365 on a 3-month view. According to money markets there is a...

The Pound to Euro exchange rate (GBP/EUR) found support just below 1.1650 on Tuesday and traded just above this level after the US open. There were no major data releases during the day with markets focussing to an important extent on interest rate expectations. The calendar could also have a significant impact in the short term. SocGen commented on positive short-term influences; “Seasonality in April is also...

The Pound to dollar exchange rate (GBP/USD) hit highs just below 1.2670 on Tuesday. It was unable to sustain the peak levels and retreated to 1.2630 after the US open with little net change on the day as the dollar pared losses. There was a lack of underlying energy in markets with an underlying phase of consolidation after last week’s central bank policy meetings. Scotiabank commented; Trading appears light, with...

The U.S. Dollar was hampered by two global developments during Monday and drifted lower in global markets. In this context, European currencies were also able to secure some relief, although overall moves were still relatively limited. The Pound to Dollar (GBP/USD) exchange rate found support close to 1.2600 and edged higher to near 1.2650 after the US open. The dollar index overall retreated to 103.85 from 104.15...

The Pound to Euro exchange rate (GBP/EUR) dipped to 2-month lows at 1.1625 on Friday before a limited recovery to 1.1655 on Monday. The shift in interest rate expectations has been a key element for exchange rates with last week’s Bank of England policy decision considered generally dovish with markets considering a stronger potential for an early interest rate cut. Rate expectations will remain a key element for Pound...

Currency exchange forecasters at Danske Bank expect the Pound to Euro exchange rate (GBP/EUR) will weaken to 1.1365 over the next few months. BNPP, however, expects that GBP/EUR will strengthen to 1.2050 at the end of 2024. GBP/EUR dipped sharply to 2-month lows at 1.1625 before a tentative recovery to 1.1650. The Bank of England (BoE) held interest rates at 5.25% following the latest policy meeting, in line with...

Foreign exchange strategists at Goldman Sachs have increased their 6-Month Pound to Dollar exchange rate forecasts (GBP/USD) to 1.33 from 1.30 previously. HSBC, however, sees a risk of a 5% decline from the recent peak just below 1.29. GBP/USD posted significant losses during the week with a slide to 1-month lows at 1.2575 before consolidation around 1.26. Increased market confidence that the Bank of England will cut...

The Pound to Euro (GBP/EUR) exchange rate retreated after Thursday’s Bank of England (BoE) policy decision and selling has continued to Friday with markets more confident that the central bank would cut interest rates at the June policy meeting. GBP/EUR retreated to 2-month lows at 1.1640 after Friday’s European open. Stronger-than-expected German business confidence data also underpinned the Euro. UK data was...